The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities ofchocolate gift boxes. Fill in the blanks in the table.Instructions: Enter your answers rounded to two decimal places.Choco Lovers Cost and RevenueQuantityTCATCMCof Gift Boxes($)($)($)1065.006.504.001582.505.50205.134.0025127.505.0030162.505.427.0035207.505.939.00Assume the profit-maximizing price is $5 per gift box, and then answer the following questions:a. Profit-maximizing quantity =gift boxesb. Total revenue = $c. Profit = $d. Profit per unit = $per gift box

A competitive economy is one where there are infinite number of buyers and sellers who earn zero…

Assume the profit-maximizing price is $5 per gift box, and then answer the following questions: a. Profit-maximizing quantity gift boxes b. Total revenue = $ c. Profit = $ d. Profit per unit = $ per gift box

Assume the profit-maximizing price is $5 per gift box, and then answer the following questions: a. Profit-maximizing quantity gift boxes b. Total revenue = $ c. Profit = $ d. Profit per unit = $ per gift box

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of
chocolate gift boxes. Fill in the blanks in the table.
Instructions: Enter your answers rounded to two decimal places.
Choco Lovers Cost and Revenue
Quantity
TC
ATC
MC
of Gift Boxes
($)
($)
($)
10
65.00
6.50
4.00
15
82.50
5.50
20
5.13
4.00
25
127.50
5.00
30
162.50
5.42
7.00
35
207.50
5.93
9.00
Assume the profit-maximizing price is $5 per gift box, and then answer the following questions:
a. Profit-maximizing quantity =
gift boxes
b. Total revenue = $
c. Profit = $
d. Profit per unit = $
per gift box

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